28 Apr 2016
EUR/JPY: 126.75 bullish target - FXStreet
Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY surged to its highest since April 5th following the US Central Bank economic policy decision, as the absence of a strong signal on an upcoming rate hike helped local share markets to advance and sent the JPY modestly lower across the board.
Key Quotes:
"The EUR/JPY pair holds near the 126.30 high, having met intraday buying interest around 125.70, the 61.8% retracement of its latest bearish run, pretty much for the past two sessions.
From a technical point of view, the bias is towards the upside, as in the 4 hours chart the technical indicators have resumed their advances within positive territory, whilst the price extended further above its 200 SMA.
The pair has a strong resistance around 126.75, where the pair presents multiple intraday highs and lows from this past month, and the level is a now a probable bullish target, should buying interest keeps surging on dips towards 125.70."
Key Quotes:
"The EUR/JPY pair holds near the 126.30 high, having met intraday buying interest around 125.70, the 61.8% retracement of its latest bearish run, pretty much for the past two sessions.
From a technical point of view, the bias is towards the upside, as in the 4 hours chart the technical indicators have resumed their advances within positive territory, whilst the price extended further above its 200 SMA.
The pair has a strong resistance around 126.75, where the pair presents multiple intraday highs and lows from this past month, and the level is a now a probable bullish target, should buying interest keeps surging on dips towards 125.70."